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Nitric Acid Market to Reach USD 36.62 Billion by 2031, Driven by Surging Demand for Fertilizers and Lightweight Vehicles

According to a recent report by SNS Insider, the nitric acid market was valued at USD 30.53 billion in 2023.  Projections indicate a steady growth trajectory, with the market expected to reach USD 36.62 billion by 2031, reflecting a CAGR of 2.3% during the forecast period (2024-2031).

Nitric acid is a highly versatile chemical with extensive applications across diverse industries.

Its primary use lies in the production of fertilizers, essential for boosting crop yields and addressing the rising global food demand. The expanding agricultural sector and emphasis on organic, high-quality food production are significant drivers of the nitric acid market.

Additionally, nitric acid plays a crucial role in construction activities through its use in polyurethane foams, insulation materials, and coatings. The growth in infrastructure development, coupled with renovations and consumer lifestyle improvements, further contributes to market expansion.

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Some of the Key Players Included are:

  • Dupont
  • Nutrien Ltd.
  • Omnia Holdings Limited
  • Apache Nitrogen Applications Inc.
  • CF Industries Holdings, Inc.
  • Rashtriya Chemicals & Fertilizers Ltd.
  • Dyno Nobel
  • Sasol
  • Angus Chemical Company
  • and other

Market Analysis

The fashion and textile industries are also significant consumers of nitric acid in dye manufacturing. Moreover, the rising demand for plastics in consumer goods and industrial applications presents substantial growth opportunities. This demand surge for plastic is fueled by a growing population and the need to replace end-of-cycle products. Nylon 6, a polymer manufactured using adipic acid (produced with nitric acid), is a preferred choice due to its thermal stability, flame resistance, and high melting point. The automotive industry’s increasing focus on lightweight, fuel-efficient vehicles further drives the nitric acid market.

The nitric acid market has witnessed significant developments in recent years:

  • January 2023: Grupa Azoty, a leading chemical producer, doubled its nitric acid production capacity with a new facility in Tarnów, Poland. This expansion will significantly increase their annual production and cater to the rising demand for concentrated nitric acid.
  • July 2022: Nutrien Ag Solutions, a global leader in agricultural products, acquired Casa do Adubo S.A., a prominent Brazilian fertilizer retailer. This strategic move strengthens Nutrien’s presence in the Brazilian market and is expected to boost their sales significantly.
  • June 2022: Nutrien Ag Solutions announced plans to expand its fertilizer production capabilities to address the dynamic global market for energy, agriculture, and fertilizers.
  • June 2022: Omnia Holdings Limited, a diversified mining and agricultural company, announced its plans to expand its international presence in Canada, Australia, and Indonesia, focusing on greener solutions and mining solutions, catering to the rising demand in these regions.

By Application, the fertilizer manufacturing segment holds the largest market share, accounting for 79.5% in 2023.

This dominance is directly linked to the ever-increasing demand for food and the subsequent expansion of agricultural activities globally. Farmers are increasingly adopting advanced agricultural techniques that utilize fertilizers to maximize crop yield in shorter durations. The growing preference for nitrogen-based fertilizers further accentuates the market dominance of the fertilizer segment.

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By Application

  • Fertilizers
  • Nitrobenzene
  • Toluene Di-isocynate
  • Adipic Acid
  • Nitro Chlorobenzene
  • Others

By End User

  • Agrochemical
  • Aerospace
  • Explosives
  • Chemicals
  • Mining
  • Others

Impact of the Russia-Ukraine War

The ongoing conflict between Russia and Ukraine has disrupted global supply chains and energy markets. This has had cascading effects on the nitric acid market, primarily due to the impacted natural gas supplies, a principal feedstock for nitric acid production. The resulting energy price volatility and supply constraints have led to increased production costs and potential supply shortages.

Europe emerged as the dominant player in the global nitric acid market, holding a 64.8% share in 2023.

This leadership position is underpinned by a well-established value chain and substantial domestic consumption within the region. While Central Europe exhibits steady growth, Eastern Europe presents significant expansion potential. The robust automotive and chemical industries in Europe are crucial demand drivers for nitric acid. Germany, a major automotive manufacturing hub with advanced technological capabilities in developing lightweight vehicles, is a key contributor. France’s thriving specialty chemical sector, with prominent players like Arkema, Air Liquide, DowDuPont, Bayer, Solvay, L’Oréal, BASF, Henkel, and further fuels market growth.

Key Takeaways from the Nitric Acid Market Study

  • The agricultural sector’s reliance on fertilizers for enhanced crop yields continues to be the primary growth engine for the nitric acid market.
  • The automotive industry’s shift toward lightweight vehicles and fuel efficiency increases the consumption of nitric acid for the production of essential components.
  • Global events, such as the Russia-Ukraine conflict and potential economic slowdowns, can significantly impact the nitric acid market’s trajectory due to supply chain and pricing volatility.
  • Europe’s robust manufacturing sectors and established chemical industry solidify its dominance in the global nitric acid market.

Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Nitric Acid Market, By Application
  9. Nitric Acid Market, by End User
  10. Regional Analysis
  11. Company Profiles
  12. Competitive Landscape
  13. Use Case and Best Practices
  14. Conclusion

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.